The overall machine vision market was valued at USD 8.12 Billion in 2015
and is expected to reach USD 14.43 Billion by 2022, growing at a CAGR of
8.15% between 2016 and 2022.

The growth of this market is driven by the increasing need for quality
inspection and automation across industry verticals, surge in demand for
vision-guided robotic systems in automotive, pharmaceutical, food and
packaging, and industrial sectors, and growing demand for
application-specific machine vision systems.

This report covers the machine vision market based on component,
product, application, vertical, and geography. The hardware component
held the largest size of the studied market in 2015. Rapid changes in
terms of manufacturing technology, innovation, and technical
advancements in automotive and pharmaceutical industries are expected to
drive the machine vision market.

Under the hardware component, the camera segment held the largest size
of the machine vision market and the market for the same is expected to
grow at the highest rate during the forecast period. In future, the
camera segment is likely to undergo more advancement with the
introduction of 3D machine vision concept and is expected to bring new
growth avenues for the studied market.

With regard to the application segment, the market for the
identification application is expected to grow at the highest rate
during the forecast period. Machine vision systems are widely used for
identifying the labels, barcodes, and texts to help in the entire
automatic operation of packaging. It is mostly used in healthcare and
consumer packaged goods sectors to resist the counterfeit products. This
system makes the process fast and eliminates duplicate packets. It is
also used for security purpose such as camera surveillance, traffic
monitoring, number plate recognition, lane identification, and other
intelligent transportation system.

In terms of the product segment, PC-based systems held the largest
market size during the forecast period. The rise in wages of labor in
China and developing countries, growing number of regulatory mandates in
manufacturing industries, and growing demand for application-specific
machine vision systems are creating a huge demand for machine vision
systems across the world.